Wildhorse Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling $ 122 $112 $ 97 $ 92 $ 112 $ 92 Cost 77 82 82 82 51 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 18 10 20 10 20 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.

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LCNRV Questions

Wildhorse Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December 31,
2017, consists of products D, E, F, G, H, and I. Relevant per unit data
for these products appear below.
Item D Item E Item F Item G Item H Item I
Estimated selling
$ 122 $112
$ 97
$ 92
$ 112
$ 92
Cost
77
82
82
82
51
37
Cost to complete
31
31
26
36
31
31
Selling costs
10
18
10
20
10
20
Using the LCNRV rule, determine the proper unit value for balance
sheet reporting purposes at December 31, 2017, for each of the
inventory items above.
Transcribed Image Text:Wildhorse Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling $ 122 $112 $ 97 $ 92 $ 112 $ 92 Cost 77 82 82 82 51 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 18 10 20 10 20 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above.
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